UFIV vs. MUB

Last updated Jun 4, 2026

UFIV (F/m US Treasury 5 Year Note ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - UFIV is a Government Bonds fund tracking the ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, UFIV returned 3.12%/yr vs 3.43%/yr for MUB. A 0.76 correlation means they provide meaningful diversification when combined. UFIV charges 0.15%/yr vs 0.07%/yr for MUB.

Performance

UFIV vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 5 Year Note ETF (UFIV) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UFIV achieves a -0.60% return, which is significantly lower than MUB's 1.24% return.

UFIV

• 1D: -0.15%
• 1M: -0.24%
• YTD: -0.60%
• 6M: -0.75%
• 1Y: 2.93%
• 3Y*: 3.12%
• 5Y*: —
• 10Y*: —

MUB

• 1D: -0.08%
• 1M: 0.56%
• YTD: 1.24%
• 6M: 1.74%
• 1Y: 6.95%
• 3Y*: 3.43%
• 5Y*: 0.86%
• 10Y*: 2.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UFIV vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UFIV F/m US Treasury 5 Year Note ETF	-0.60%	6.89%	1.09%	1.58%
MUB iShares National AMT-Free Muni Bond ETF	1.24%	3.78%	1.26%	3.47%

Correlation

The correlation between UFIV and MUB is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.76

The correlation between UFIV and MUB has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

UFIV vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UFIV

UFIV Risk / Return Rank: 25
UFIV Sharpe Ratio Rank: 26
UFIV Sortino Ratio Rank: 26
UFIV Omega Ratio Rank: 24
UFIV Calmar Ratio Rank: 24
UFIV Martin Ratio Rank: 25

MUB

MUB Risk / Return Rank: 66
MUB Sharpe Ratio Rank: 72
MUB Sortino Ratio Rank: 76
MUB Omega Ratio Rank: 81
MUB Calmar Ratio Rank: 50
MUB Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UFIV vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 5 Year Note ETF (UFIV) and iShares National AMT-Free Muni Bond ETF (MUB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	UFIV	MUB	Difference
Sharpe ratio Return per unit of total volatility	0.92	2.39	-1.47
Sortino ratio Return per unit of downside risk	1.39	3.49	-2.11
Omega ratio Gain probability vs. loss probability	1.16	1.50	-0.34
Calmar ratio Return relative to maximum drawdown	1.09	2.50	-1.42
Martin ratio Return relative to average drawdown	3.26	8.85	-5.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UFIV vs. MUB - Sharpe Ratio Comparison

The current UFIV Sharpe Ratio is 0.92, which is lower than the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of UFIV and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UFIV	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.39	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.58	+0.05

Drawdowns

UFIV vs. MUB - Drawdown Comparison

The maximum UFIV drawdown since its inception was -5.63%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for UFIV and MUB.

Drawdown Indicators

	UFIV	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-5.63%	-13.68%	+8.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-2.79%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.03%	-5.34%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.68%	—
Current Drawdown Current decline from peak	-2.08%	-0.70%	-1.38%
Average Drawdown Average peak-to-trough decline	-1.56%	-2.23%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.79%	+0.11%

Volatility

UFIV vs. MUB - Volatility Comparison

F/m US Treasury 5 Year Note ETF (UFIV) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 1.00% and 0.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UFIV	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.97%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.22%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	2.92%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	4.06%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	4.92%	-0.54%

UFIV vs. MUB - Expense Ratio Comparison

UFIV has a 0.15% expense ratio, which is higher than MUB's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UFIV vs. MUB - Dividend Comparison

UFIV's dividend yield for the trailing twelve months is around 3.57%, more than MUB's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUB iShares National AMT-Free Muni Bond ETF	3.17%	3.14%	3.01%	2.65%	2.11%	1.81%	2.11%	2.42%	2.46%	2.26%	2.21%	2.51%
UFIV F/m US Treasury 5 Year Note ETF	3.57%	3.66%	4.00%	2.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UFIV and MUB in my portfolio?

UFIV and MUB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UFIV or MUB?

UFIV has higher volatility (1.00%) compared to MUB (0.97%). In terms of maximum drawdown, UFIV dropped -5.63% vs MUB's -13.68%.

Which ETF is better, UFIV or MUB?

On 3-year performance, MUB leads with 3.43% vs 3.12% for UFIV. On fees, MUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UFIV or MUB?

Over the 3-year period, MUB has performed better with a 3.43% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UFIV or MUB?

MUB is cheaper with a 0.07% expense ratio, compared with 0.15% for UFIV.

Which ETF pays a higher dividend yield, UFIV or MUB?

UFIV has the higher dividend yield at 3.57%, compared with 3.17% for MUB.

What is the main difference between UFIV and MUB?

UFIV is categorized as Government Bonds, while MUB is Municipal Bonds. UFIV tracks ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for UFIV and 0.07% for MUB.

Which has better risk-adjusted returns?

MUB currently has the higher Sharpe Ratio (2.39 vs 0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.